Eto Posted February 23, 2015 Report Share Posted February 23, 2015 Hi all, Just stumbled across this on the net earlier today. I was hoping to wait for the bubble to pop, but now it looks like i am already too old to buy ain any case http://www.perthnow.com.au/business/how-to-beat-over-40s-mortgage-trap-as-banks-reject-older-borrowers/story-fnhld3wp-1227225447010 Quote Link to comment Share on other sites More sharing options...
ottg Posted February 23, 2015 Report Share Posted February 23, 2015 My guess is it depends who your lender is and how freely available money is at the time?If interest rates are high, sure loans will be more tight to come by and be more difficult to get approval for.But....there are many lenders - find one that is willing to help you!Mostly lenders are only concern with your borrowing capacity and loan serviceability. If you can proof that you have steady income and can service the loan there should be no problems. The best is to see mortgage brokers that can make things happening for you! That is why they are getting a fee! 1 Quote Link to comment Share on other sites More sharing options...
Mara Posted February 24, 2015 Report Share Posted February 24, 2015 We took out first house loan in Australia at the age of 48 with Commonwealth Bank, at 55 we took out the loan for our present home with ME Bank, I have found that all they are really worried about is your ability to pay. I am not sure if the amount you wish to borrow may come in to it as well. Both of our loans were only about 25% of the total purchase price. Quote Link to comment Share on other sites More sharing options...
SurferMan Posted February 24, 2015 Report Share Posted February 24, 2015 Mara that would make a HUGE difference (25%) as the Loan To Value is very low so if you defaulted, they would easily get their money back. Totally other story if your LTV was over 75%. Quote Link to comment Share on other sites More sharing options...
Mara Posted February 24, 2015 Report Share Posted February 24, 2015 That is what I thought, so that is why I mentioned it.. Quote Link to comment Share on other sites More sharing options...
SurferMan Posted February 25, 2015 Report Share Posted February 25, 2015 At least you got what you wanted! Thats the key thing.. Quote Link to comment Share on other sites More sharing options...
Sibella Posted February 25, 2015 Report Share Posted February 25, 2015 We are over 40 and had no trouble at all getting a mortgage last year. We applied for one at our own bank and got approved but they wanted us to pay lenders mortgage insurance as we didn't quite have 20% so we went through a broker and they got us a good rate without having to pay insurance. Quote Link to comment Share on other sites More sharing options...
AFreshStart Posted March 3, 2015 Report Share Posted March 3, 2015 Having just bought our first property, have to agree, a broker is the way to go. Quote Link to comment Share on other sites More sharing options...
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